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Pbs bitcoin documentary

pbs bitcoin documentary

If it's not to move drugs or launder money, what is Bitcoin for? a bank account," Bitcoin evangelist Jonathan Mohan tells PBS Newshour. Browse, watch and discuss documentaries filed under Economics. From PBS NewsHour comes China: Power and Prosperity, an immersive feature-length. Shop for Documentary, Special Interests, PBS and Willette Acquisition Corp. Banking on Bitcoin [DVD] [] - Front_Original. OVER 1 5 GOALS BETTINGADVICE

Once verified, the Bitcoin can be traded using Bitcoin's wallet software. Bitcoin mining guarantees a fixed rate of inflation relative to itself. It roots the value of Bitcoins in the work needed to solve the puzzle. And the decentralized proof-of-work consensus protocol guards against fraud and counterfeit.

In Pair's words, Bitcoin "commoditized the process of securing the network. And the costs of that work are likewise distributed throughout the system, paid for through Bitcoin mining. This is what lets Bitcoins be traded and exchanged without huge fees. There are a little over As more and more computers participate in bitcoin mining—daily unique bitcoin addresses reached a high of over , this summer—and the mathematical problems needed to earn new bitcoins have grown more complicated, the average operating margin for miners has plummeted.

Mining has switched from being a frontier gold rush to a relatively mainstream, industrial-grade operation. Digital Currency's Future Today, essentially every digital transaction and every international transaction involves a use of one form or another of virtual currency or credit.

Transaction and exchange fees, taxes, and payment delays exist to provide short-term credit, guard against counterfeit, excessive withdrawals and other kinds of fraud, and to extract income. Bitcoin is designed to provide the same security guarantees and convenience of credit, while foregoing its extra processing times and fees. You settle with Bitcoin immediately, just like cash. Unlike a credit card exchange, where your credit card number and security information are handed over completely for any transaction, a transfer is authorized only to pay a specific amount.

In principle, Bitcoin's independence makes it more stable than traditional currencies like dollars or euros. In reality, its value has fluctuated wildly over its four-year-existence. Those are some wild swings. The exchange values matter, both to people who mine or invest in Bitcoins and to users who want to use them for everyday goods and services, which are usually denominated in local currency. Local currency is also used to pay taxes, which Bitcoin transactions sometimes try to avoid.

But what Bitcoin also does is make digital payments possible for people who not only don't have PayPal, but don't have a functioning credit system. In many parts of Africa, Latin America, and south Asia, most people have no access to credit or digital payments; with Bitcoin, that infrastructure comes for free. Pair's company, BitPay, converts Bitcoins back and forth into various local currencies without charging a transaction fee. Instead, it charges a flat monthly rate.

Its clients include hosting companies, computer and electronic equipment companies, and companies that sell internationally. Those countries become isolated from the rest of the Internet economy For many of these countries, if this payment system works, if the U. Currently, this money has to be handled by several intermediaries: banks, wire services, and currency exchanges all take their cut.

A recent report by Businessweek noted that the average fee for remittances was 9 percent of the money transferred, with conversion to cash often costing an extra 5 percent. Western Union's profit margins are enormous for an intermediary, nearly 16 percent, and most of its costs are devoted to the technologies moving money from one place to another, guaranteeing the legitimacy of the transfer. In short, Western Union spends and earns billions to do what Bitcoin does for free.

Instead of Western Union, migrant workers or businesses operating on their behalf could use Bitcoin to send payments from one country to another through email, without worry of fraud or needing to support an elaborate exchange or credit market. It would be real-time, immediate settlement at a fraction of the cost.

In ten years, instead of international drugs, Bitcoin could act as a genuine lingua franca for international work. They went directly to cell phones, that, in the same sort of adoption curve, in these developing nations, you're not going to see them start getting bank accounts. You're going to see them just going straight to Bitcoins, because if you own a Bitcoin address, you have a bank account on your phone that you can interact on the global stage with.

Johnson thinks that Bitcoin has yet to suffer its first genuine crisis of legitimacy, and its proponents haven't developed a political strategy to reassure wary states and investors that the currency can play nice. And the rhetoric of many Bitcoin proponents assumes a sophisticated understanding of its underlying technology that is far from widespread, especially among the world's poor.

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Cryptopia - Web 3.0 - Future of the Internet - Bitcoin Documentary - Blockchain

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pbs bitcoin documentary


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Bitcoin Documentary by Discovery Channel

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